We may see a LeBron type two year deal max* $ with one year PO. This gives him some security and more $ than the qualifying offer. All good RFA should do this if they are uncertain of current team. So 16 million per for 2 years but can opt-out after first year. He can maybe front load it as well to really cash in.
An offer sheet would need to be at least 2 seasons (not including options), or, if the Bulls submit a max qualifying offer (which I'm sure they will), at least 3 seasons (not including options)
So the best any team besides the Bulls could do would likely be a 3 year deal with a 4th year player option, which isn't really "shorter term". I honestly don't know how he plans to get the type of deal he wants
The Bulls aren't going to submit a max offer or they would have already done so. They are going to wait to see what offer he gets and signs and then they will match it.
That's not correct. Today is the first day that teams can issued a qualifying offer to their RFAs.
Quoth Larry Coon:
In order to make their free agent a restricted free agent, a team must submit a qualifying offer to the player between the day following the last game of the NBA Finals and June 30. The qualifying offer is a standing offer for a one-year guaranteed contract, which becomes a regular contact if the player decides to sign it. This ensures that the team does not gain the right of first refusal without offering a contract themselves.
They can offer him a maximum qualifying offer starting today. The MQO is essential a Godfather offer. The Bulls can give Butler 5 years with annual 7.5% raises. He can't get that money anywhere else. The MQO also allows the Bulls to keep Butler for a minimum of three years if he declines the it and signs an offer sheet with another team, which because the MQO was extended must be at least 3 years without options. The Bulls could just match the 3 year offer sheet, which will be less money than the MQO (likely a max salary with 4.5% annual raises).
The MQO is a great tool for teams to keep their players, but it also jumps the market and resigns the team to paying their player the most possible money for the longest possible time. This is a no-brainer for teams when the player is Anthony Davis or Kevin Durant, but is less cut and dry when it's someone like Butler.